● HK organization
Sweet asset fetches $68M
In Partnership with Brickman, a real estate private equity firm, HK Organization in affiliation with Jo-Ann Obergfell, has purchased 275 Park Avenue in Clinton Hill, Brooklyn. The purchase price was $68,000,000.
The property, known as The Chocolate Factory, consists of seven contiguous buildings and features 123 loft apartments, ground-floor retail and parking.
Converted in 2002, the building has more than 25,000 s/f of retail along Park, Washington, and Waverly Avenues,.
The original Romanesque Revival building was once owned by Rockwood & Company Chocolate, which for decades was one of the largest candy makers in the country.
HK Organization has been active in the neighborhood for many years and was attracted by the opportunity to acquire a unique asset in a choice location within the burgeoning Brooklyn Tech Triangle.
Local HK developments include Empire Stores, the conversion of the historic coffee warehouses into office, retail, and restaurant space on the DUMBO waterfront, and 99 Gold Street, the conversion of a toy factory into luxury rental apartments in Vinegar Hill.
To date, HK Organization now has in excess of one million square feet in the Brooklyn Tech Triangle and Downtown Brooklyn Waterfront.
Stratus Capital Advisors CEO Stephen J.Steiner, marketed the property and negotiated the deal directly with the buyers.
In 2002 when the building was converted to mixed-use, it received a 14-year tax abatement and exemption under the J-51 tax incentive program for the conversion or substantial renovation of eligible buildings into multiple dwellings.
Former bank building listed at $35M
Massey Knakal Realty Services has been retained to sell the Broad and Boerum Building at 525 Broadway.
The property is located on the northeast corner of Boerum Street and Broadway in Brooklyn’s Williamsburg neighborhood. The asking price is $35,000,000.
Formerly a branch of Lincoln Savings Bank, the property consists of an approximately 60,300 s/f office building with an additional 13,000 s/f of parking.
The property can be delivered vacant and holds approximately 189,150 buildable square feet. Preliminary plans with zoning analysis designed by Gene Kaufman, PC, can be provided by request.
“This truly remarkable building and development opportunity offers exceptional scale in one of Brooklyn’s hottest neighborhoods,” said Massey Knakal’s Michael Amirkhanian, who is exclusively marketing this property with Mark L. Lively and Brendan T. Maddigan.
● Epic Commercial Realty
East Side portfolio offers steady cash flow
EPIC Commercial Realty has secured the exclusive listing for four buildings on Manhattan’s East side, three apartment buildings and one mixed-use building — 216 East 13th Street, 223 East 21st Street, 246-248 East 53rd Street and 337 East 54th Street.
Currently owned by the same individual, this is a multi-property offering listed at $24,000,000 by Yona Edelkopf, CEO of EPIC Commercial Realty, and EPIC sales associates Chris Kim and Seth Peyser.
Said Edelkopf. “This package presents a great opportunity for multi-family investors to increase their presence on Manhattan’s East side, spanning the East Village and all the way up to Sutton Place.ˮ
The assemblage includes 216 East 13th Street, a four-story walk up located in the East Village; 223 East 21st Street, a five-story residential building comprised of 10 units, as well as a two-story carriage house with two units, totaling 12 apartments in Gramercy Park;
246-248 East 53rd Street is a mixed-use building consisting of two retail units and 21 residential apartments. Currently occupying the retail space is Gallery 53, a custom framing shop, and Gotham Coffee; 337 East 54th Street is a four-story building comprised of seven residential units in Sutton Place.
“With mostly free-market units and the momentum of Manhattan’s strong rental market behind it, this investment opportunity will be enticing for multifamily investors who primarily value cash flow,ˮ said Kim.
Columbia expansion lures another buyer
Eastern Consolidated has arranged the sale of a three-building, mixed-use portfolio at 3600, 3604, and 3610 Broadway in Hamilton Heights for $15.5 million.
The package, totaling 43,703 s/f, includes: 19,150 s/f at 3600 Broadway; 11,500s/f at 3604 Broadway; and 13,053 s/f at 3610 Broadway.
The three walk-up buildings contain a total of 35 apartments with 173 rooms, and 11 retail units.
“We received many inquiries for this portfolio, which is located in a rapidly changing and easily-accessible area of Upper Manhattan,” said Matthew Sparks, a senior director at Eastern Consolidated who represented the seller and procured the buyer.
“The increasing demand for apartments in this neighborhood just north of Columbia’s expansion with an influx of new retail, and the availability of larger spaces for lower prices, continues to draw in professionals and artists from downtown.”
The properties are three blocks from the No.1 subway station. Retail tenants ainclude Dunkin’ Donuts, Baskin-Robbins, and The Chipped Cup, among others.
The attorney for the buyer was Jeffrey Goldberg Esq. of Sadis and Goldberg LLP. The attorney for the seller was Robert Teitelbaum Esq. of Konner Teitelbaum & Gallagher.
Harlem portfolio sold
Cignature Realty Associates has brokered the sale of a three-building Harlem portfolio and vacant lot on Adam Clayton Powell Blvd located in Central Harlem.
The buildings, at 2261, 2267-2269 and 2271-2273 and the lot at 2265 Adam Clayton Powell Blvd. sold for $11.25 million, or $272 psf.
The properties total 41,330 s/f and include three five-story walk-up apartment buildings with a total of 41 apartments and six stores that include a French bistro, Harlem Fried Chicken, Shine World Music Venue, a well-known Harlem bar known for its live music, a new restaurant and a barber shop.
Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates Inc. represented both the seller, Sugar Hill Capital Partners and the buyer, Treetop Development.
●GFI REALTY SERVICES
Twofor deal in Kips Bay
GFI Realty Services, Inc. has been named the exclusive sales agent for two adjacent properties at 249 East 30th Street and 543 Second Avenue in Kips Bay.
GFI Realty broker Gavin Bolsom is responsible for the marketing of the properties.
The property at 249 East 30th Street is a six-story elevator apartment building with 12 units at market rate rents, plus a laundry room. The building contains approximately 9,650 s/f and 7,428 s/f of unused FAR.
The adjacent property at 543 2nd Avenue is a 1,540 s/f vacant corner lot with 11,581 buildable s/f.
“This offering provides investors with a tremendous opportunity to own two contiguous properties in a prime Manhattan residential neighborhood, and capitalize on continuing strong real estate fundamentals in the area,” said Bolsom.
“249 East 30th Street is ideally positioned for future condo conversion and has great upside potential by utilizing the additional 7,428 buildable s.f. The adjacent lot can be combined with the buildable s/f of 249 East 30th to develop a 12-story residential elevator building with ground floor retail. W
“With increasing demand for residential properties, this neighborhood continues to attract young professionals and families, as evidenced by the new restaurants, strong retail presence and success of recent multifamily developments in the area.”
Situated between the neighborhoods of Gramercy Park and Murray Hill, the Kips Bay area is home to the institutional buildings of New York University, Waterside Plaza and the United Nations International School.